The large holder of Dogwifhat (WIF), commonly known as a whale, triggered a price drop by selling off a majority of their holdings. This selling pressure deepened the downward trend, causing WIF’s value to drop by 21% in the past week and over 32% in the past month.
According to reports, a major whale from Dogwifhat transferred 59,700 WIF tokens to Binance, worth slightly over $120,000, further reinforcing the recent downward trend of the coin.
ICYMI: Someone sent a SOLANA Memecoin worth approximately $121,000 to Binance.
Earlier this week, another whale liquidated tokens worth around $35,000 in a short period of time.
Due to these massive sell-offs, the price of WIF plummeted by 24% in the past 7 hours, breaking the crucial support level of $2, and is currently trading at $1.89.
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Based on this fundamental indicator, the altcoin season is set to begin early.
What’s more, Dogwifhat’s market capitalization has decreased by just over 7%, reaching $188.3 million. Despite the price drop, WIF’s trading volume has increased by approximately 24% in the past 5 hours, reaching $39.93 billion, indicating increased market activity due to recent whale sell-offs.
Looking ahead, with the breakthrough of the $2 support level and ongoing sell-offs by large investors, the future of Dogwifhat remains bearish. Unless there is a significant shift in market sentiment or a restoration of confidence in cryptocurrencies, it is expected that WIF will further decline soon. [Image]